Guideline Value for Rajapalaiyam Street

Rajapalaiyam Street guideline value

The current guideline value of Rajapalaiyam Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Rajapalaiyam Street has changed

The guideline value for Rajapalaiyam Street has undergone several revisions over the years. In 2002, the value was Rs 276 per sq.ft, which increased to Rs 346 per sq.ft in 2003, marking a 25% rise. The years that followed saw significant changes; in 2007, the value jumped to Rs 800 per sq.ft, reflecting a 131% increase. By 2012, the value was Rs 2,500 per sq.ft, which was a 213% increase from the previous revision.

From 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, showing a decline of 33%. However, from 2017 to 2023, the value rose significantly to Rs 2,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023. There are no figures available in the register for revisions in years other than those listed.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, placing Rajapalaiyam Street's value below that median.

• Rajaji Street (Kalaignar Nagar): Rs 3,850 per sq.ft (2024)
• Rajaji Street: Rs 3,850 per sq.ft (2024)
• Raja Street 10th Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 1st Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 2nd Lane: Rs 3,850 per sq.ft (2024)
• Raja Street 3rd Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Rajapalaiyam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajapalaiyam Street?

Rajapalaiyam Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Parangimalai

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value.

During the registration process, the guideline value will be compared with the sale price of the property. The higher of the two values will be used to calculate the stamp duty and registration fees, ensuring compliance with the regulations set by the authorities.

Frequently asked questions

What is the current guideline value of Rajapalaiyam Street?

The current guideline value of Rajapalaiyam Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 276 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 896% over the years.

What are the stamp duty and registration fees for property in Rajapalaiyam Street?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Rajapalaiyam Street?

Rajapalaiyam Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Rajapalaiyam Street?

The land classification for Rajapalaiyam Street is Residential Class III Type - I, indicating its designated use for residential purposes.